Floor Talk June 11

The July corn futures settle 7 cents lower at $5.91, while the Dec. contract closed 12 1/4 cents lower at $5.31 3/4. The July soybean contract finished 3/4 of a cent higher $14.27, while the Nov. 2012 contract settled 1/2 of a cent lower at $13.32. The July wheat futures finished 1/4 of a cent lower at $6.30. July soyoil futures settled $0.30 higher at $49.76. The July soymeal futures settled $1.50 per short ton lower at $428.30. In the outside markets, the NYMEX crude oil is $0.50 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 62 points.

Mike

---------

At mid-session:

The July corn futures trade 1/2 of a cent higher at $5.98 1/2, while the Dec. contract trades 4 1/2 cents lower at $5.39. The July soybean contract is trading 4 cents higher $14.30 1/4, while the Nov. 2012 contract trades 1/2 of a cent higher at $13.33. The July wheat futures are trading 9 1/2 cents higher at $6.39 3/4. July soyoil futures trade l $0.47 higher at $49.93. The July soymeal futures are trading $1.30 per short ton lower at $428.50. In the outside markets, the NYMEX crude oil is $0.60 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 42 points.

Mike

-------

At 10:30am:

Corn and soybeans have turned lower, while wheat remains higher Monday. Russia's dryness is supporting the wheat market. Otherwise, just a bunch of positioning ahead of tomorrow's USDA Report.

Mike

-------

At the open:

The July corn futures trade 3 cents higher at $6.01, while the Dec. contract trades 2 1/2 cents lower at $5.41 1/4. The July soybean contract is trading 7 1/4 cents higher $14.33 1/2, while the Nov. 2012 contract trades 6 1/2 cents higher at $13.39. The July wheat futures are trading 8 1/4 cents higher at $6.38 1/2. July soyoil futures trade l $0.43 higher at $49.89. The July soymeal futures opened unchanged at $429.80. In the outside markets, the NYMEX crude oil is $0.12 per barrel higher, the dollar is lower and the Dow Jones Industrials are down 9 points.

Mike

-----------

At 7:51am:

This afternoon's USDA Crop Pogress ratings are seen dropping 2-4%, according to some analysts. From what I witnessed in southern Iowa, yesterday, I wouldn't argue with a decline in a crop rating. Whew! I saw rolling corn. But, I even saw some 'pineapple-like' curling of leaves. I mean a few fields around Albia looked tougher than you know what. As far as soybeans, I saw a little bit of everything except a good looking field: a field that was just planted with no emergence, a field that had beans just barely emerged, and some fields that were planted early but just didn't look very good. That's my Sunday windshield tour.

Mike

-------

At 6:42am:

--Goldman Sachs Monday projected a 14% drop in ag commodities over the next 12 months.

--Money managers head into this week's trading 'short' wheat futures contracts, according to Friday's CFTC report.

--China's May soybean imports were 5.28 mmt, up 16% on-year, while Jan.-May soybean imports were 23.43 mmt, up 20% on-year.

Re: Floor Talk June 11

85% of the corn in Louisiana is tasseling. Yield estimates are ranging from 60-200 bu./acre this year, according to an agronomist contact of mine. I know, I know, LA's crop is a very small percentage of the total U.S. corn crop. Just thought I would throw it out there this morning.

Re: Floor Talk June 11

I don't know about that. But, some analysts do see the USDA increasing soybean exports tomorrow and lowering ending stocks for this year and next. So, you might be onto something. How does your marketing plan look ahead of the first of two major reports this month?

Re: Floor Talk June 11

Mike I don't know if we are both reading the same thing? BTW doesn't look like ILL will get much out of this storm. Very scattered.

SNIP

"Goldman Sachs raised to "overweight" its recommendation to investors on commodities, saying the sell-off on fears for Chinese, eurozone and US economies "is likely overdone", creating "upside risk" for prices."

Re: Floor Talk June 11

If you read that link's story carefully, you'll notice that Goldman Sachs sees a rise in general commodities, but is hesitant on ag commodities. One sentence states, "However, it urged agricultural commodity producers to "wait for a recovery in crop prices". Take a look again.

Re: Floor Talk June 11

I talked about my Sunday windshield tour through southern Iowa. The trade needs to see both sides of this year's crop situation. I'm sure someone in northern Iowa/southern Minnesota is seeing something differently. I could have taken a bunch of crop pictures and illustrated a horrible picture-story. But, what really tells it all is the low water levels in the creeks.

And then this one always says "dry" to me. I was left in the dust by this vehicle on a gravel road: